Buying pressure continues to weaken due to the long weekend in the US market. If this continues, Bitcoin is likely set to revisit the lower levels soon.
The chart above shows that price has been held consistently above the cloud over the past week so a "deja-vu" is possibly in the cards should price breaks below the triangle.
The levels around 7000 should hold price firmly over the short term although a deeper correction may be due soon. On the upside, we may see a retest near the 7300 level if price gets a bounce from the cloud.
Conversely, a break below the cloud would signal a short-term bearish reversal for a deeper correction with target levels covered by our PRO forecast.
Good luck and trade safe!
Please note that my Bitcoin Q4 2018 Forecast is no longer for sale. Instead, I am now offering insightful market commentary and actionable trade ideas through my private CryptoEZ PRO Forecast group. Interested traders may send me a direct message for admission details.
Buy me a cup of coffee (or steak dinner):
BTC: 1GG7CwY3zqdCYqQz1ZG9PHyoxCGGrQu5pb
BCH: qznk2nnuppn0xszpmx0ruvfzlh7z5ux8r527d05k3f
The chart above shows that price has been held consistently above the cloud over the past week so a "deja-vu" is possibly in the cards should price breaks below the triangle.
The levels around 7000 should hold price firmly over the short term although a deeper correction may be due soon. On the upside, we may see a retest near the 7300 level if price gets a bounce from the cloud.
Conversely, a break below the cloud would signal a short-term bearish reversal for a deeper correction with target levels covered by our PRO forecast.
Good luck and trade safe!
Please note that my Bitcoin Q4 2018 Forecast is no longer for sale. Instead, I am now offering insightful market commentary and actionable trade ideas through my private CryptoEZ PRO Forecast group. Interested traders may send me a direct message for admission details.
Buy me a cup of coffee (or steak dinner):
BTC: 1GG7CwY3zqdCYqQz1ZG9PHyoxCGGrQu5pb
BCH: qznk2nnuppn0xszpmx0ruvfzlh7z5ux8r527d05k3f
The good news is that price plummeted but held above the 0.382 Fib level as expected. Notice the red candle closed above 6978.90?
The bad news is that this foreseeable decline was delayed for too long. So instead of landing on top of the cloud, price punctured through the cloud and got below it, which is not good for Bitcoin over the near term.
The recent selloff is nothing new to our PRO members at CryptoEZ. They have prepared for this scenario days ahead and know exactly when to capitalize it.
For those who are not, I will share with you this. I see two probabilities at this point. Either price stays buoyant above channel support long enough for the bulls to move back or price breaches channel support and trigger another round of FOMO selloff.
That's all for now, my friends! Remember, trade safe and good luck!